Refinancing Your Florida Mortgage At A Low Fixed Rate.
Whether you’re planning to refinance, purchase your first home, lower your monthly payments, acquire a second home, consolidate debt or get pre-approved for a mortgage. We are dedicated to providing you with first class personal service, featuring the ultimate in technology, courtesy, reliability and dependability.
Our team has over 25 years of experience in the mortgage industry. Our commitment to you will always be to make your experience with FHA-World.com the very best it can be, at the very best Florida Rates possible with a total focus on service, honesty, reliability and all with your complete satisfaction in mind.
If you have insufficient credit, we connect you with particular Mortgage programs offering you the lowest rates available.
First, you need to get pre-approved. This is an easy process and does not cost you anything. Also, this step is very important — as many people look for homes on their own just to find out that the house they found is not in the price range that they qualify for. This approach turns into disappointment and lost time. Most realtors will only work with people who have been pre-approved.
The first thing you should do to qualify for an FHA loan is have your mortgage application submitted to Fannie Mae Desktop Underwriter or Freddie Mac Loan Prospector. These are the two underwriting decision engines that approve FHA loans.
If your loan is submitted to Fannie Mae an Approve/Eligible means your loan has been approved and if your loan is submitted to Freddie Mac an Accept means your loan has been approved.
Since most FHA loans are sold in the secondary market a Fannie Mae or Freddie Mac approval will be needed. Once your application has been submitted to Fannie or Freddie a loan findings will be generated. Your loan findings will stipulate item per item that are needed to close your loan.
Most lenders ask for a minimum credit score of 640 to qualify for a FHA loan.
A minimum credit score of 600 is needed to qualify for a 3.50% down payment.
FHA allows credit scores below 600 but it requires a larger down payment.
The mortgage process is very simple. Mortgage loans are submitted electronically to Fannie Mae or Freddie Mac. An Approved Eligible or Accept decision means your application is approved and eligible for sale to Fannie or Freddie.
All FHA loans should be submitted to Fannie or Freddie. Many times a loan officer will pull credit and the loan officer makes the decision that you do not qualify for a loan. The loan officer is not the decision maker – Fannie and Freddie are.
Another perfect example is a borrower who only has one trade line and/or one credit score. A loan officer will see this and say sorry you do not qualify for a loan.
FHA does not have a minimum trade line requirement.
Just because one lender says you do not qualify, does not mean that another lender will not approve you!
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